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Caesar's Brook Babblings

QuickBooks News You Can Use


April 2012 - Vol 5, Issue 4

In This Issue
Billing for Time and Expenses
QuickBooks 2009 Support Ends
Help Bail Susan Out!
Printing Bill Payment Stubs
Caesar's Brook
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Greetings! 

Welcome to the April issue of Caesar's Brook Babblings!

 

Our feature article this month is an overview of using QuickBooks to help you bill for costs, time and mileage.  We also have a QuickTip on printing Bill Payment Stubs and a reminder that QuickBooks 2009 will sunset on May 31st.  

 

Also, it's not too late to help Susan raise her bail for the MDA Lock up on May 3rd  

MDA Lock-up 

Tax season is over and April is National Humor Month so here's a bit of IRS humor to wrap up:   Ever wonder why they call it a 1040?  Because ... 

  

FeatureFeature Article
 

Time ClockBilling for Time and Expenses: How It Works

 

QuickBooks handles billable expenses capably, but it's critical that you understand the process thoroughly before proceeding.

 

Billing for inventory parts is easy. Pick the items from a list and specify a quantity. Poof. Done.

 

Billing for costs, time or mileage is a little more complex. QuickBooks has built-in tools to help you do this, but it's a bit of a process.

 

To simplify your workflow, do this groundwork first:

 

  • Go to Edit | Preferences | Time & Expenses | Company Preferences. Click the Yes button under Time tracking and indicate your choices under Invoicing options.

Figure 1 

Figure 1: As you do with other QuickBooks processes, make sure that your Preferences are set correctly.

  • Add any billing items necessary by clicking Lists | Item List and then Item | New in the lower left corner.
  • If you plan to bill for mileage, go to Lists | Customer & Vendor Profile List | Vehicle List and enter information about every business vehicle.

Invoicing for Services

 

If you're a service-oriented company, you bill for time frequently. This is easy. You're probably already familiar with the Enter Time entry in the Employees menu. Whether you make individual time entries or complete a timesheet, it's critical that you make the correct selections for each Customer: Job, Service Item and Payroll Item field, and check the Billable box.

 

When you create invoices, this box will open after you select a customer: 

Figure 2 

Figure 2: QuickBooks lets you know when there are time and costs to be billed for each customer.

 

You can let QuickBooks enter the time totals now, or add them later by clicking the Add Time/Costs button. Either way, the Choose Billable Time and Costs window opens. Add a checkmark next to each entry that should be billed, and click Options... to indicate whether you want one line for each time entry or would rather combine all similar service item types. 

Figure 3
Figure 3: QuickBooks wants to know which entries should be invoiced.

 

More Complexity

 

If you're done with billable expenses for this invoice, click OK. If there are other costs that you covered, click the Expenses tab to see all transactions that you earmarked for this client on a bill, check or credit card. You have the option here to mark up the cost by a percentage or amount (even if you established this in Preferences), and to specify an account.

Do the same for Mileage, which you would have entered previously -- when it was incurred -- at Company | Enter Vehicle Mileage. Then select any Items that you purchased for the customer. Your records should be correct - assuming that you were conscientious about assigning expenses to customers and jobs. 

NOTE: The Expense Tab on this window lists things marked as billable to the client on the Expense Tab of the transaction.  Expenses are listed on Job Cost Reports as "No Item".  For this reason, we recommend using Items rather than Expenses for customer-related purchases.

 

Figure 4 

Figure 4: It's easy to pull billable expenses into invoices if they're documented carefully.

 

Turning expenses into invoices and then into income can be complicated. Let us know if we can help. We are your partner in building a successful business. 

 
Reminder: QuickBooks 2009 Support Ends May 31, 2012

 

QuickBooks Pro 2009Live technical support and add-on business services such as payroll, credit card processing, QuickBooks Email, and online banking will be discontinued for QuickBooks for Windows 2009, QuickBooks 2009 for Mac, and a few other products as of May 31, 2012.

For more information see: http://support.quickbooks.intuit.com/support/Articles/INF12842#products

 

It's Not Too Late to Help Bail Susan Out!

 

MDA Lock-upSusan is being summoned on Thursday, May 3rd to appear before an MDA judge on charges of supporting a worthy cause.  MDA (the Muscular Dystrophy Association) combats neuromuscular diseases through programs of worldwide research, comprehensive medical and support services, and far-reaching professional and public health education.  

  

And just as importantly, they help send kids to camp!  Susan's bail has been set at $2400 - enough to send 3 local kids to camp this summer.  Caesar's Brook Business Solutions is proud to be supporting the MDA Lock-up and you can help.  Make a donation on Susan's personal page of the MDA Lock-Up website.  Every dollar counts! 

  
QuickTip: Printing Bill Payment Stubs

  

OK ButtonDid you know that you can print a list of all bills paid and credits applied for any QuickBooks bill payment?  From the File pull-down menu, select Print Forms | Bill Payment Stubs.  Select the payment type, bank account, and date range containing the bill stub you want to print.  Check off the one you want and click OK. 

  
PunchLinePunch Line

  

Tax pie... for every $50 you earn, you get $40 and they get $10.   

 

And now, Back to the Feature!

  

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I hope you found these babblings useful.  Your feedback is important to me.  Please drop me a line and let me know what you think.

Sincerely,

Susan Dugdale
Caesar's Brook Business Solutions, LLC
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